Bitcoin Price Eyes $50k Backed By Spot Bitcoin ETF Euphoria and BTC Halving

Bitcoin price to $50k next? Optimism surrounding the potential approval of the first Bitcoin spot ETF is fueling the bullish outlook that has seen BTC price rise to tap a new 2023 high at $38,000.

Popular crypto investor and analyst Michaël van de Poppe said via Twitter (now X) that the resistance between $38,000 and $40,000 was anticipated and was critical for the continuation of the uptrend.

Therefore, with Bitcoin price retreating to $36,315 at the time of writing, “consolidation beneath (the resistance) is the best, and the first test isn’t usually a breaker.”

Pivotal resistance approaching for #Bitcoin.

Anything between $38,000-40,000 is pretty much resistance and I'm not expecting a breakout in one-go.

Consolidation beneath is the best, and first test isn't usually a breaker.

If a correction occurs -> time to position long. pic.twitter.com/VZxEoIrxkS

— Michaël van de Poppe (@CryptoMichNL) November 9, 2023

Can Bitcoin Price Rally To $50,000 Pre-Halving

This event, which takes place every four years, will slash miner rewards in half, thus significantly reducing the supply of BTC. Bitcoin price rallied significantly in these four-year cycles in the past, which tend to repeat themselves.

It's expected to see #Bitcoin reach $45,000-50,000 pre-halving, after which we'll have a heavy correction back to $32,000-35,000 and consolidate from there.

Cycles repeat themselves and #Bitcoin has been suffering a lot the past two years.

— Michaël van de Poppe (@CryptoMichNL) November 9, 2023

The pre-halving rally could blast Bitcoin to the range between $45,000 and $50,000, but Poppe predicts “a heavy correction back to $32,000-$35,000” followed by a consolidation ahead of the actual rally, which another analyst, Rekt Capital suggests will “peak… around 518-546 days after the halving,” placing the bull run’s “peak in mid-September or mid-October 2025.”

#BTC

Bitcoin Halving is in April 2024

Next Bull Market peak could occur 518-546 days after the Halving

Bitcoin could peak in mid-September 2025 or mid-October 2025$BTC #Crypto #Bitcoin pic.twitter.com/4Y1F94rsAh

— Rekt Capital (@rektcapital) October 29, 2023

BTC Price Hits New 2023 Highs; What’s Next?

Recommended for you: Can Ethereum Price Take A Gigantic Leap To $3,000 As BlackRock Files First ETH Spot ETF?

The upswing cleared resistance at $37,000 but as mentioned, it stalled on reaching $38,000. As Poppe indicated in another post on X, this formed a temporary top, resulting in the liquidation of long positions.

#Bitcoin reaches a higher timeframe resistance at $38,000.#Ethereum Spot ETF Filing from BlackRock.

Both news items which call for a temporary top and liquidation of the long positions.

Dips are likely to happen, make sure to use those dips for entries.

— Michaël van de Poppe (@CryptoMichNL) November 9, 2023

With support anticipated above $36,000, Bitcoin price might soon resume the uptrend to retest resistance between $38,000 and $40,000. Indicators like the Moving Average Convergence Divergence (MACD) affirm the bullish outlook.

In addition to the buy signal, as presented by the MACD, a bullish cross is on the way, with the 50-week Exponential Moving Average (EMA) (red) moving above the 100-week EMA (blue).

However, traders should be aware of a forming rising wedge pattern hinting at a trend reversal, especially if resistance at $40,000 is not broken and declines shoot below the wedge. Note that movement below the wedge pattern support could trigger a sell-off where Bitcoin price would be expected to sweep liquidity between $30,000 and $32,000.

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